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EXTRACT OF MINUTES OF MEETING OF THE <br /> CITY COUNCIL OF THE <br /> CITY OF ELK RIVER, MINNESOTA <br /> HELD: July 16, 2018 <br /> Pursuant to due call and notice thereof, a regular meeting of the City Council of the City <br /> of Elk River, Minnesota, was duly called and held at the City Hall in the City on the 16th day of <br /> July, 2018, at 6:00 P.M. <br /> The following members were present: <br /> and the following were absent: <br /> Member introduced the following resolution and moved its adoption: <br /> RESOLUTION 18- <br /> APPROVING THE ISSUANCE OF ELECTRIC REVENUE BONDS, AND AUTHORIZING <br /> CERTAIN OTHER ACTIONS TO BE TAKEN BY THE ELK RIVER MUNICIPAL <br /> UTILITIES COMMISSION WITH RESPECT TO THE ISSUANCE OF ELECTRIC <br /> REVENUE BONDS, SERIES 2018A <br /> BE IT RESOLVED by the City Council of the City of Elk River (the "City"), <br /> Minnesota, as follows: <br /> 1. Authority. The City is authorized by Minnesota Statutes, Chapter 453, as <br /> amended (the "Electric Utility Act"), to issue bonds to finance the acquisition or construction of <br /> any plant, works, system, facilities, and real and personal property of any nature, together with <br /> all parts thereof and appurtenances thereto, used or useful in the generation, production, <br /> transmission, purchase, sale, exchange, or interchange of electric energy or any interest therein <br /> or capacity thereof. Rents, rates, and charges may be established, levied, and collected in <br /> connection with the electric utility system of the Elk River Municipal Utilities Commission (the <br /> "Commission") and may be pledged to the payment of the principal of and interest on bonds <br /> issued by the City for the benefit of the Commission, including bonds issued to finance the <br /> electric utility system of the Commission. <br /> 2. Terms of Proposal. The City proposes to issue and the Commission proposes to <br /> offer and sell Electric Revenue Bonds, Series 2018A (the "Bonds"), in an aggregate principal <br /> amount not to exceed $10,000,000, to finance the remaining cost of the acquisition of its <br /> membership in the Minnesota Municipal Power Agency by the electric system of the Elk River <br /> Municipal Utilities and pay the costs of issuing the Bonds. The terms and conditions of the <br /> Bonds and the negotiation thereof are fully set forth in the "Terms of Proposal" attached hereto <br /> as Exhibit A and hereby approved and made a part hereof The Bonds shall be special <br /> 529086v1 JSB BL185-55 <br />